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Asset Price Bubbles and Financial Regulation

Research Project

Project/Area Number 20H01490
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Review Section Basic Section 07040:Economic policy-related
Research InstitutionHitotsubashi University

Principal Investigator

JINNAI Ryo  一橋大学, 経済研究所, 教授 (50765617)

Co-Investigator(Kenkyū-buntansha) 高橋 悠太  一橋大学, 経済研究所, 講師 (10835747)
高山 直樹  一橋大学, 経済研究所, 講師 (10843790)
宇南山 卓  京都大学, 経済研究所, 教授 (20348840)
Project Period (FY) 2020-04-01 – 2024-03-31
Project Status Completed (Fiscal Year 2023)
Budget Amount *help
¥17,290,000 (Direct Cost: ¥13,300,000、Indirect Cost: ¥3,990,000)
Fiscal Year 2023: ¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2022: ¥4,680,000 (Direct Cost: ¥3,600,000、Indirect Cost: ¥1,080,000)
Fiscal Year 2021: ¥3,900,000 (Direct Cost: ¥3,000,000、Indirect Cost: ¥900,000)
Fiscal Year 2020: ¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000)
Keywords資産価格バブル / 金融規制 / 経済成長 / 景気循環
Outline of Research at the Start

資産価格バブルに対する望ましい金融規制や政策対応のあり方を分析します。研究代表者がこれまでの研究で開発した「繰り返しバブル」モデルという枠組みを分析の核にして、現実に実行可能な望ましい政策を定量的に評価することを目指します。特に、資産価格バブルは発生させない方が望ましいのか、それとも崩壊後に適切な政策対応を行うことを前提にバブル発生を許容した方が望ましいのかを巡る論争に新たな切り口から貢献します。

Outline of Final Research Achievements

Considering the recurring situation of asset price bubbles forming and collapsing, we analyzed their implications from various angles using a dynamic stochastic general equilibrium (DSGE) model. Our aim was to elucidate the mechanisms of economic activity fluctuations before and after bubble occurrences and to propose optimal financial regulations and policy responses. To identify the best financial regulations and policy responses in Japan and contribute to economic stability and growth, we formed a research team and conducted our studies. The research findings have been published in numerous academic papers.

Academic Significance and Societal Importance of the Research Achievements

資産価格バブルの発生と崩壊を繰り返すメカニズムを動学的確率的一般均衡モデルを用いて解明し、最適な金融規制と政策対応を提案しました。バブルが経済に与える影響を予測し、経済の安定と成長を促進するための具体的な政策立案に役立つ知見を提供しました。これにより、経済の不安定要因を軽減し、持続可能な経済成長を実現するための実践的な指針を示しました。研究成果は多数の学術論文として発表されました。これらの知見が国内外の経済政策に貢献することが期待されます。

Report

(5 results)
  • 2023 Annual Research Report   Final Research Report ( PDF )
  • 2022 Annual Research Report
  • 2021 Annual Research Report
  • 2020 Annual Research Report
  • Research Products

    (51 results)

All 2024 2023 2022 2021 2020 Other

All Int'l Joint Research (10 results) Journal Article (7 results) (of which Int'l Joint Research: 3 results,  Peer Reviewed: 5 results,  Open Access: 3 results) Presentation (29 results) (of which Int'l Joint Research: 15 results,  Invited: 17 results) Book (1 results) Funded Workshop (4 results)

  • [Int'l Joint Research] Royal Holloway, University of London(英国)

    • Related Report
      2023 Annual Research Report
  • [Int'l Joint Research] Boston College/UC San Diego(米国)

    • Related Report
      2023 Annual Research Report
  • [Int'l Joint Research] ボストンカレッジ/カリフォルニア大学サンディエゴ校(米国)

    • Related Report
      2022 Annual Research Report
  • [Int'l Joint Research] ロイヤルホロウェイ・ロンドン 大学/ケント大学(英国)

    • Related Report
      2022 Annual Research Report
  • [Int'l Joint Research] ボストンカレッジ/ミシガン大学/イェール大学(米国)

    • Related Report
      2021 Annual Research Report
  • [Int'l Joint Research] ロイヤルホロウェイ・ロンドン大学(英国)

    • Related Report
      2021 Annual Research Report
  • [Int'l Joint Research] オーフス大学(デンマーク)

    • Related Report
      2021 Annual Research Report
  • [Int'l Joint Research] ボストンカレッジ/ミシガン大学/イェール大学(米国)

    • Related Report
      2020 Annual Research Report
  • [Int'l Joint Research] ロイヤルホロウェイ・ロンドン大学(英国)

    • Related Report
      2020 Annual Research Report
  • [Int'l Joint Research] オーフス大学(デンマーク)

    • Related Report
      2020 Annual Research Report
  • [Journal Article] Bubbles, Crashes, and Economic Growth: Theory and Evidence2023

    • Author(s)
      Guerron-Quintana Pablo A.、Hirano Tomohiro、Jinnai Ryo
    • Journal Title

      American Economic Journal: Macroeconomics

      Volume: 15 Issue: 2 Pages: 333-371

    • DOI

      10.1257/mac.20220015

    • Related Report
      2023 Annual Research Report 2022 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] 資産価格バブルに関するマクロ経済学的分析と政策的含意2022

    • Author(s)
      陣内 了
    • Journal Title

      Financial Review

      Volume: 150 Issue: 0 Pages: 76-92

    • DOI

      10.57520/prifr.150.0_76

    • ISSN
      0912-5892, 2758-4860
    • Related Report
      2022 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] 年齢階級別データの使い方: ライフサイクル理論と消費2022

    • Author(s)
      宇南山卓
    • Journal Title

      統計

      Volume: 73 Pages: 4-12

    • Related Report
      2022 Annual Research Report
  • [Journal Article] 「低所得者」は「経済的弱者」なのか?2022

    • Author(s)
      宇南山卓
    • Journal Title

      アステイオン

      Volume: 96 Pages: 4-12

    • Related Report
      2022 Annual Research Report
  • [Journal Article] On Liquidity Shocks and Asset Prices2022

    • Author(s)
      GUERRON‐QUINTANA PABLO A.、JINNAI RYO
    • Journal Title

      Journal of Money, Credit and Banking

      Volume: ー Issue: 8 Pages: 2519-2546

    • DOI

      10.1111/jmcb.12928

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Household Inflation Expectation and Consumption: Evidence from Japan2021

    • Author(s)
      Ryo Jinnai, Tomoaki Mikami, Tatsushi Okuda, Jouchi Nakajima
    • Journal Title

      経済研究

      Volume: 72 Pages: 268-295

    • NAID

      40022653717

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed
  • [Journal Article] The Spending and Consumption Response to A VAT Rate Increase2021

    • Author(s)
      Cashin David、Unayama Takashi
    • Journal Title

      National Tax Journal

      Volume: 74 Issue: 2 Pages: 313-346

    • DOI

      10.1086/714368

    • Related Report
      2021 Annual Research Report
    • Peer Reviewed / Int'l Joint Research
  • [Presentation] Global Technology Stagnation2024

    • Author(s)
      高橋悠太
    • Organizer
      Hitotsubashi Summer Institute
    • Related Report
      2023 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Global Technology Stagnation2024

    • Author(s)
      高橋悠太
    • Organizer
      慶應大学・東京大学・一橋大学共催ワークショップ
    • Related Report
      2023 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Necessity of Rational Asset Price Bubbles in Two-Sector Growth Economies2023

    • Author(s)
      Ryo Jinnai
    • Organizer
      Asian Meeting of Econometric Society
    • Related Report
      2023 Annual Research Report
    • Int'l Joint Research / Invited
  • [Presentation] Necessity of Rational Asset Price Bubbles in Two-Sector Growth Economies2023

    • Author(s)
      Ryo Jinnai
    • Organizer
      2023 EEA-ESEM congress
    • Related Report
      2023 Annual Research Report
    • Int'l Joint Research / Invited
  • [Presentation] Hidden Stagflation2023

    • Author(s)
      高橋悠太
    • Organizer
      AMES Singapore
    • Related Report
      2023 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Hidden Stagflation2023

    • Author(s)
      高橋悠太
    • Organizer
      日本経済学会
    • Related Report
      2023 Annual Research Report
    • Invited
  • [Presentation] Hidden Stagflation2023

    • Author(s)
      高橋悠太
    • Organizer
      European Winter Meeting of the Econometric Society
    • Related Report
      2023 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Necessity of Rational Asset Price Bubbles in Two-Sector Growth Economies2023

    • Author(s)
      Jinnai Ryo
    • Organizer
      岡山大学 現代経済学セミナー
    • Related Report
      2022 Annual Research Report
    • Invited
  • [Presentation] Hidden Stagflation2023

    • Author(s)
      高橋悠太・高山直樹
    • Organizer
      HIAS Summer Institute
    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Bubbles, Crashes, and Economic Growth: Theory and Evidence2022

    • Author(s)
      Jinnai Ryo
    • Organizer
      京都大学マクロ経済学セミナー
    • Related Report
      2022 Annual Research Report
    • Invited
  • [Presentation] Bubbles, Crashes, and Economic Growth: Theory and Evidence2022

    • Author(s)
      Jinnai Ryo
    • Organizer
      Greater Fool Bubbles Seminar
    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research / Invited
  • [Presentation] Hidden Stagflation2022

    • Author(s)
      高橋悠太・高山直樹
    • Organizer
      日本経済学会
    • Related Report
      2022 Annual Research Report
  • [Presentation] Technology Stagnation2022

    • Author(s)
      高橋悠太・高山直樹
    • Organizer
      AMES China
    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Technology Stagnation2022

    • Author(s)
      高橋悠太・高山直樹
    • Organizer
      AMES Australia
    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Hidden Stagflation2022

    • Author(s)
      高橋悠太・高山直樹
    • Organizer
      SETA
    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Technology Stagnation2022

    • Author(s)
      高橋悠太・高山直樹
    • Organizer
      AMES East and South Asia
    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Technology Stagnation2022

    • Author(s)
      高橋悠太・高山直樹
    • Organizer
      European Ecconomic Association
    • Related Report
      2022 Annual Research Report
    • Int'l Joint Research
  • [Presentation] Hidden Stagflation2022

    • Author(s)
      高橋悠太・高山直樹
    • Organizer
      マクロカンファレンス
    • Related Report
      2022 Annual Research Report
  • [Presentation] Tech-Driven Secular Low Growth: Cross-Country Evidence and Implications for Japan2021

    • Author(s)
      Yuta Takahashi
    • Organizer
      東京大学 CIRJE
    • Related Report
      2021 Annual Research Report
    • Invited
  • [Presentation] Tech-Driven Secular Low Growth: Cross-Country Evidence2021

    • Author(s)
      Yuta Takahashi
    • Organizer
      学習院大学 第1回マクロ税制セミナー
    • Related Report
      2021 Annual Research Report
    • Invited
  • [Presentation] Tech-Driven Secular Low Growth: Cross-Country Evidence2021

    • Author(s)
      Yuta Takahashi
    • Organizer
      早稲田大学
    • Related Report
      2021 Annual Research Report
    • Invited
  • [Presentation] Tech-Driven Secular Low Growth: Cross-Country Evidence2021

    • Author(s)
      Yuta Takahashi
    • Organizer
      慶應大学 マクロ経済学ワークショップ
    • Related Report
      2021 Annual Research Report
    • Invited
  • [Presentation] Discouraging Deviant Behavior in Monetary Economics2021

    • Author(s)
      Yuta Takahashi
    • Organizer
      SED Annual Meeting
    • Related Report
      2021 Annual Research Report
    • Int'l Joint Research / Invited
  • [Presentation] Tech-Driven Secular Low Growth: Cross-Country Evidence2021

    • Author(s)
      Yuta Takahashi
    • Organizer
      神戸大学 六甲フォーラム
    • Related Report
      2021 Annual Research Report
    • Invited
  • [Presentation] Tech-Driven Secular Low Growth: Cross-Country Evidence2021

    • Author(s)
      Yuta Takahashi
    • Organizer
      大阪大学 GSE-OSIPP-ISER Joint Conference in Economics
    • Related Report
      2021 Annual Research Report
    • Invited
  • [Presentation] Tech-Driven Secular Low Growth: Cross-Country Evidence2021

    • Author(s)
      Naoki Takayama
    • Organizer
      キヤノングローバル戦略研究所 経済成長と構造変化に関する長期分析研究会
    • Related Report
      2021 Annual Research Report
    • Invited
  • [Presentation] Tech-Driven Secular Low Growth: Cross-Country Evidence2021

    • Author(s)
      Naoki Takayama
    • Organizer
      GRIPS Seminar Series in Economics
    • Related Report
      2021 Annual Research Report
    • Invited
  • [Presentation] Recurrent Bubbles and Economic Growth2020

    • Author(s)
      Ryo Jinnai
    • Organizer
      National University of Singapore
    • Related Report
      2020 Annual Research Report
    • Int'l Joint Research / Invited
  • [Presentation] 消費の理論とデータ2020

    • Author(s)
      宇南山卓
    • Organizer
      若手経済学者のためのマクロ経済学コンファレンス
    • Related Report
      2020 Annual Research Report
    • Invited
  • [Book] 現代日本の消費分析2023

    • Author(s)
      宇南山 卓
    • Total Pages
      532
    • Publisher
      慶應義塾大学出版会
    • ISBN
      9784766428957
    • Related Report
      2023 Annual Research Report
  • [Funded Workshop] 一橋大学 マクロ金融ワークショップ2022

    • Related Report
      2022 Annual Research Report
  • [Funded Workshop] seminars on macroeconomics2022

    • Related Report
      2022 Annual Research Report
  • [Funded Workshop] 一橋大学 マクロ金融ワークショップ2021

    • Related Report
      2021 Annual Research Report
  • [Funded Workshop] 一橋大学 マクロ・金融ワークショップ2020

    • Related Report
      2020 Annual Research Report

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Published: 2020-04-28   Modified: 2025-01-30  

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